Ground‐based magnetometer surveys detect high‐positive magnetic anomalies (up to 72 000 nT) which coincide with the location of subeconomic, magnetite‐associated platinum‐group element (PGE) mineralization within the Boston Creek Flow iron‐rich basalt, Archean Abitibi Greenstone Belt, Ontario. The magnetic anomalies confirm the presence of magnetite‐enriched zones (up to 20 modal%), and reveal that they are ovoid in shape, up to 10 m in size, and along strike from each other in the central gabbro‐diorite layer. Geological and geochemical surveys and mineralogical studies indicate that these zones host smaller zones of disseminated chalcopyrite + pyrite, some of which, in turn, host platinum‐group minerals (PGM) and are enriched in PGE and related metals (whole‐rock [Formula: see text], Ag = 1300 ppb, Cu = 0.3%, V = 0.1%, Ni = 0.05%, Ti = 2.5%, and Fe = 25%). The coincidence of the high‐positive magnetic anomalies with the location of PGE mineralization, points to ground‐based magnetometer surveys as a valuable exploration tool for magnetite‐associated PGE ore deposits. The distribution of the residual magnetic field anomalies indicate that such surveys are especially useful in: (1) identifying rock types and mapping their distribution in areas of limited outcrop exposure; (2) locating magnetite‐enriched gabbroic rock bodies, even in close proximity to serpentinized olivine cumulate rocks; and (3) delineating the detailed geometry of magnetite‐enriched rocks that may carry significant amounts of PGE and PGMs. Exploration strategies should be designed to use ground‐based geophysical surveys, in conjunction with geological and geochemical surveys, to locate and delineate the geometry of magnetite‐enriched zones within thick, differentiated mafic‐ultramafic volcanic flows and plutonic bodies.